Marketing – The process of creating, distributing, promoting, and pricing goods, services, and ideas to facilitate satisfying exchange relationships with customers and develop and maintain favorable relationships with stakeholders in a dynamic environment.
Customers – the purchasers of organizations products; the focal point of all marketing activities.
Target Market – a specific group of customers on whom an organization focuses its marketing efforts.
Marketing Mix – four marketing activities; Price, Product, Distribution, Promotion that a firm can control to meet the needs of customers within its target markets.
Product – a good, service, or idea.
Exchange – the provision or transfer of goods, services, or ideas in return for something of value.
Stakeholders – constituents who have a stake or claim in some aspect of a company’s products, operations, markets, industry, and outcomes.
Marketing Environment – the competitive, economic, political, legal and regulatory, technological, and sociocultural forces that surround the customer and affect the marketing mix.
Marketing Concept – a philosophy that an organization should try to provide products that satisfy customers’ needs through a coordinated set of activities that also allows the organization to achieve its goals. It is a management philosophy guiding an organization’s overall activities.
Marketing Orientation – an organization wide commitment to researching and responding to customer needs.
Relationship Marketing – establishing long-term, mutually satisfying buyer-seller relationships.
Customer Relationship Marketing (CRM) – using information about customers to create marketing strategies that develop and sustain desirable customer relationships.
Value – a customer’s subjective assessment of benefits relative to costs in determining the worth of a product.
Marketing Management – the process of planning, organizing, implementing, and controlling marketing activities to facilitate